International Isotopes Inc. announces it has acquired full ownership of RadQual LLC
July 13, 2021
IDAHO FALLS, Idaho, July 12, 2021 /PRNewswire/ -- International Isotopes Inc. (OTCQB: INIS) (the "Company") is pleased to announce it has acquired the remaining 75% of all outstanding units of RadQual LLC ("RadQual") from a group of affiliates of the Company, including the current Chairman of the Board, the former Chairman of the Board, and the Chief Executive Officer of the Company.
In August 2017, this group of sellers acquired all of the units of RadQual not already held by INIS. Following that purchase, INIS was voted by the new members as a manager of RadQual and has been responsible for oversight of all business activities and management of RadQual since that time. With this most recent acquisition, INIS will now own 100% of all outstanding units of RadQual, making RadQual a wholly-owned subsidiary of INIS.
RadQual is the premier global developer of quality control products for the nuclear medicine industry, focused principally on SPECT and PET imaging. From RadQual 's inception in 2001, INIS has been the sole contract manufacturer of all RadQual products. Since the August 2017 acquisition, INIS has also taken the lead in all new product development. RadQual's new product development efforts have recently been gaining momentum. In 2021, RadQual announced the launch of many new products, including a Symbia source used for Auto QC, a Spectrum dynamics D-SPECT QC line source, germanium transmission rods, and Ge-68 volumetric registration cylinders for certain PET imaging systems. Several additional products are in advanced development and are expected to be submitted for regulatory approval later this year.
Steve T. Laflin, President and CEO of INIS, commented, "INIS has always been the sole manufacturer and distributor of RadQual products so customers will see no changes in the high quality products and excellent customer service they have grown to expect. This acquisition should significantly increase INIS total shareholder equity, and significantly improve the net profit margin of INIS. The RadQual purchase price, which is being for entirely in common shares in INIS, is only approximately eight times this year's projected earnings, so we expect the transaction to be immediately accretive to INIS shareholders. These improvements are expected to increase Company value to our shareholders by putting INIS in a position to qualify for listing of our shares on a major exchange in the future."
About International Isotopes Inc.
International Isotopes Inc. supplies sodium iodide I-131 as an FDA approved generic drug product and manufactures a full range of nuclear medicine calibration and reference standards. The Company also provides cobalt-60 products for medical and industrial applications.
SOURCE International Isotopes Inc.